@400523 Sorry to hear about the losses. Yes, depressed conditions right now and the immediate future doesn't look too bright. But we have to look out for opportunities. If a slide looks very likely, we might as well try to benefit. The put warrants, for instance. At the same time, protecting capital and search for value. A depressed market is a very good opportunity for those with the capital and ability to wait things out.

However, I agree with the strategy of buying low regardless of how the doubts over the BoD and management's quality. FGV may go lower still but I believe the risk is minimal. The new buyer is certainly getting a much better price than those who had paid at 5.00, IPO 4.55, 3.00...

No matter what one thinks of this company, he can't deny that it has valuable assets. I believe the capitulation point has already been reached, i.e. the point where people say "I give up!" and sell. Those who want to sell - they have mostly done so.

The past few sessions, it had looked as if FGV was starting to claw it's way to a higher level. Have come down a bit. But the technical indicators at least look neutral, unlike previously with red flags everywhere. For the speculator looking for capital gains, FGV has potential. It's more likely to get a 100% profit from FGV than other big-cap plantations. But if it's for dividends, then the investor should looks elsewhere.

See the shareholdings of the Board of Directors. Including the chairman, of course. How many units do they own? Not many when it comes to percentage. You have to wonder why they aren't putting their own money into this. And you have to wonder too about the enthusiasm in buying this and that. Why? "for future profits"? Or, for 'something else' after the payments are made?

I've been following comments by @ring and I'm very impressed and heartened by these. He is certainly not racist or the closet type who tries hard to project something but can't quite hide what they are. His comments, evaluations and opinions of the plantation industry and the listed counters are of great value. This is obviously someone with experience in the industry and knows more than probably most of us here. I had learned a lot just by reading his comments. Now I have a much better perspective of these plantations counters.

Salute to @ring. It's people like him who adds a lot of value to this site.

@ring Thanks for your very interesting comments at this thread. They help make this sector more alive, besides providing a deeper and wider perspective for the man-in-the-street investor/speculator like me.

Maybank IB's selections are quite good. Hartalega, NCB, CMSB outperformed. Diluted by Tenaga and Axiata, unfortunately.

The CEO said they already have a shortlist of potential acquisitions, and the purchase will be made by the end of this year. We can take this in good faith because they don't have anything to gain by not buying. The only question is, what the asset is and the price. I'd say Sona makes for a good speculation. What's to lose? If they fail to wrap it up within a year, we get our money back.

Looks attractive for the value investor. @ks55 is right when one looks at it from that angle - the new investor is getting the shares at a price much lower than many other investors. This was a counter that was at 6.00-plus just a few years ago. It will also be cash rich after the divestment - something like RM1 billion.

The negative part is, a divestment also means not having the asset anymore. Then the technical part - it's on a downtrend and it's not known what the bottom is. May be very near, or there may be a bit more to give up yet. But whatever, this counter is worth keeping in view.

It's been going up quietly over the past few trading sessions.
From The Edge today, it's reported that the STP2 reclamation contract winner will be announced very soon.

This is a very good counter to TRADE in. But have to put emotions, prejudices and bias aside. It's not like supporting Manchester United or Liverpool in the EPL - we're putting real money on the line here. Must always remember our goal: 1) To protect our capital 2) To TRY make a profit.

Having said this, it's prudent to have a look at the technical charts first. It's on an obvious downtrend. 1.25 may be the bottom and strong support. Or it may not. At this price, admittedly, the downside risk appears minimal. But I feel we should let it form a new base first. We have often seen Cheap become Cheaper. If it rebounds, we'll have more than enough time and opportunity to jump on board. It's okay to buy at a higher price, if it's rebounding.

AirAsia is one of my favourite trading counters over the past few years. But I've learned from painful, costly experiences that it's a dangerous game trying to catch "the bottom". AA certainly `looked cheap' when it went below 2.00. And then 1.50. But it dropped further still. I feel it's more prudent to wait and see first for now. Keep the cash on standby.

Looks like the contra players who had pushed it to 0.17 have moved on. But it's still up a quite significant percentage from the 0.06 it was at before The Star's article, holding on to 0.11.

This is one of the warrants that's in the money. But there's one big worry. Despite the expiry date in 2018, if it fails to make an acquisition in exactly 12 months, Sona will be delisted. Those holding the mother share will get most of their money back. But -WA...? Correct me if I'm wrong but from my understanding, the warrants will expire in July 2016.

That means -WA buyers will have to pray the management completes a purchase in the coming months. The managing director said they are pursuing a few assets. With the price of crude oil at this level, Sona has leverage in its negotiations. But they will have to move fast for everyone's sake. Especially the warrants holders.

@ct888 Clever move. Always remember our sole objective - to try make money from the markets.

This one made it to The Star's BizWeek pullout last Saturday, and suddenly people are realising it is WAY undervalued. PN17, but only due to technical reasons.

Congratulations.
Have to say that your blog has become one of the top ones here at i3investor.com. Your posts tend to be very well researched and always worth thinking about.

"Stock trading is a field of willing buyer, willing seller and was designed for smart people to vacumm money from dumb people's." <--- :-)

By the way, how do you pronounce the name - is it "touch" or something French-sounding? "too-shae", "toosh" or whatever?

@kyjoon I had thought about attending yesterday. But have to be realistic. We minority shareholders are into this just for the ride, as in a bus. The driver and those directly behind him will decide. We at the back can shout to slow down, turn left or whatever but will be ignored. There's no way minority shareholders can vote against (and win) resolutions in companies like this.

With this in mind, I'll just let things take their course. For better or for worse (but I'm speculating it's the former, else I wouldn't put money into this). Oil palm, manufacture underwear or whatever - go ahead lah. I'll subscribe to the rights issue... and then wait it out. Must give this reasonable time to play out. Let's say 6 months or so.

@Bently 5 sen dividend... at its current price, the dividend yield will be something like 9%. VERY attractive :-) But it can give better dividends if it cuts down on the remuneration for the upper management. This is way excessive and eats away at whatever profits.

It is reclaiming land at Tg. Piai, right? Some investors already think this is `great'. But must remember the costs of reclaiming and complying with the various environmental regulations.

And what will the reclaimed land be used for? This is crucial. E&O, for instance, has a very good plan with its reclamation at Seri Tanjong Pinang. Phase One was successfully implemented so it's reasonable to expect them to carry out Phase Two as well. But even E&O's shares aren't selling like hot cakes right now.

As for Benalec, we have to see its record. And this is hardly impressive. I think it's trying to project itself into something like Dialog (with its O&G storage facilities on reclaimed land) or Muhibbah. But nowhere near these companies. But keep an eye out on its movements. Occasionally, for some reason, it would be in the limelight. We might as well try to ride on the momentum and make a quick profit or two. But as "an investment"... not attractive at all.

Very informative post by @happyvincent. By any standards - especially in Malaysia - the MD's pay is indeed excessive. How to justify especially when the company's stock price has gone down lower and lower? And its business performance is nothing to shout about either.

No reason for investors to put their money in this company which exists only for the MD's direct benefit. The only situation where one may put in money if it's on an uptrend. Remember, our one and only reason is to make money. Even if we don't like how Benalec is run, if there's opportunity to make money, then we should go for it. But that time is definitely not now.

Check the index here: http://www.investing.com/indices/ftse-china-a50

Strike: 15,000
Ratio: 1,000 :1
Expiry: 29/10/2015

Now the index is at 11,532.
Highest: 15,027 (8 June 2015)

Another four months to go. Encouraging that it had indeed reached 15,000 before (although not breakeven yet due to the ratio). But sentiments aren't too good right now. This might change, of course, if there's quick consolidation and the index finds its footing again. I'm keeping an eye just for the heck of it. But I'll wait for a better price. 0.205 is still too expensive all things considered.

Poor day today and a disappointing end to the week. Had thought it was building a new base around the 1.60+ range. AA had started well but some institutional seller/s depressed the counter with their selling. Especially towards the late afternoon. Back to square one. Let's see how the 1.50 support level stands next week.

The O&G counters are getting attention today. KNM, THHeavy, Sumatec etc. Daya too, somewhat, which is a good thing. Those who had gone in at 0.10 already make 20% profit. In just a couple of weeks. Nice!

Have to take the slide over the past months, and then sharp fall after the GMT report, into account and place these in perspective. AirAsia is definitely a viable concern, no question about that regardless of what the GMT report alleges.

This is a dividend-paying counter, albeit one with volatility. I feel it's very suitable for the "investor/trader" kind. Not "long-term investor" who can afford to buy and then just let it be, occasionally checking the price and collecting the dividends twice a year. For pure investors, they should be looking at counters like Sime Darby, Boustead, IOI, Tenaga and such which won't make your heart thump every time you check the current prices.

With AirAsia, it needs to find its footing and build a new base first after the recent events. I feel it's doing just that, trading within a narrow range. Comparatively speaking. But the good news is, 1.50 appears to be a very solid support. I believe most of the sellers are gone. But it may take a while to even test 2.00 again. That's because sellers will appear in droves every time it tries to rally: 1) Traders who had bought at the present and lower prices previously deciding to cash in. 2) Investors with purchases at higher prices taking advantage of any kind of rally to cut loss and free their capital.

"One step at a time" - No matter what the critics say, AirAsia is a counter I'd want to have in my portfolio. Let it build a strong base around the 1.60 level first. Sooner or later, it will retrace its steps. I would want to be in when AirAsia does that.

This is encouraging. Perhaps the bottom has already been reached, and it's now waking up again. Been a long time since THHeavy had seen any kind of attention.

WOW! This is a great, high-quality post you've written here. Makes my casual researching at i3investor today worthwhile.

"To me, it is more important to learn from the mistakes of super investors, rather than their success. " <-- True. As well as learning from our own mistakes. By not repeating these, there will definitely be less losses. And bigger winners. One of my mistakes - I tend to get out way too early with a winning position. And then see the counter going up significantly higher.

Be open-minded, honest and willing to listen to others' opinions - we will be more successful, more consistent as a result.

The GMT report will be freely distributed tomorrow (24/6), isn't it? But the essence of it (to paid subscribers) is already known. I believe the market has already reacted and adjusted accordingly. To AA at least. I don't think AAX is/would be affected much.

This counter is already so beaten down, kicked left and right over the past months. Would those who had subscribed at 0.22 be willing to sell at a loss? I believe it shouldn't slide too much, and that 0.20 appears to be solid support. But the key question - the potential of a profit as per the risk. If it's not going anywhere, no point in sinking in precious capital just yet.

As @AdCool had mentioned - the Q2 results should be a catalyst. Usually, a few weeks before the announcement, we might see increased activity - insiders who already know what these are and tipping friends and relatives. Before August - there's always the possibility of something happening. AAX is in my list and I'll have to keep watching it.

Going to KiV this counter. But will have to see whether its present investors are holding on to the units bought from the rights issue. If they are letting go, then it's possible the bottom hasn't been found yet. Therefore, would be premature to come in just yet.

But there will come the time when AAX will build a base. That's when those who want out, have given up all hope, are gone. Only the stronger holders remain, and they won't be selling at stupid prices. Watch the technical indicators - it's okay to buy at a higher price, provided a counter is starting an uptrend.

The reality of BSKL, and likely most other stock markets too: it's not really what business a company is doing or even how it is doing that decides on the stock price. The most critical are sentiment and perception, and the turnover. These decide on price action.

In Amedia's case, I believe all the negatives have been priced in. Firstly, it had undergone a slide over the past months. And then recently, a sudden sharp fall percentage-wise when this share consolidation, rights issue and diversification plan was announced. Those who were unhappy and want out have mostly already done so.

29 June - the AGM. There is unlikely to be any more negativity in the near future. If the proposals are approved, there won't be a negative impact... because these have already been factored in. So, I believe Amedia will remain at this price of 0.03, at least. However, a rise is more likely. The question is how high? Going to 0.045 is already a 50% gain for the speculator.

That's how it goes with the stockmarket. There's always the risk of losing money - realised or paper loss - every time we buy something. In retrospect, it's always easy to say one should have done this or that. I've made many losses too. The best that we can do is to try learn lessons from our investments - reduce the mistakes while trying to repeat what we had gotten right.

Right now, I'm trying to hold on to this strategy - don't be tempted by "cheap", that is counters that appear so when compared to their `normal' previous price. Mudajaya, for example. It was often more than 2.40 so one might be tempted when it goes to 2.00. Then it went lower and lower, to 1.40. So, nowadays, I prioritise counters that are on an uptrend. Or one that has gone down significantly and appears to have found the bottom. Like Daya. Going to see how it performs on Monday. If there is volume, that's an indication of something brewing.

@IVAN2222 About taking a personal loan to buy shares - I can't say whether this is good or not, because it can work out either way. But the good thing is that the loan is used to buy an asset. That means it can be easily converted back to cash. This is way different from those who utilise a personal loan for consumption - going on holiday or buying things.

Since 0.31 is quite far away, averaging does make sense. But only do so when you're reasonably confident the counter is on an uptrend. "Average up, not down".

Volume suddenly picked up in the afternoon, unnoticed by me, and it closed 0.015 sen up. Had missed the chance to buy at 0.10. But this is encouraging and worth noting. Looks like Daya has found its bottom.

Had read part of Daya's 2014 Annual Report. One thing that I like - the frankness in admitting mistakes and weaknesses. This is unlike so many annual reports where the chairman and managing director would insist "we are excited by...", even when the company had been making losses.

I'm starting to get interested in this counter after one guy mentioned it at the THHeavy thread. I've done a very quick check on its history. It wasn't too long ago that Daya was at 0.40+. Its latest quarterly report doesn't look too bad, taking into account the depressed conditions in this industry. Its NTA of 0.17 is also an interesting aspect.

Since this isn't a dividend-paying counter, the game plan is simple - potential of capital appreciation i.e. in the share price going up. I'm weighing the downside risk and upside potential. Could it go lower than 0.10? Of course. But just how much lower still - 0.03 like Amedia? 0.01 like Hubline?

Is 0.20 possible? Definitely. And that will be a 100% gain. But if it does go back to 0.20, what's to stop it from going even higher? It's all a matter of sentiment. Right now nobody wants it but this situation isn't permanent. I'm not buying just yet but I will certainly keep a watch. If it moves - significant increase in volume especially - I'm in.

That's good. Confirm 0.03 is solid support first and we'll see from here. This is no Hubline. I'm tempted to buy some more but I'll refrain for now. Let's hear what Ricky Wong says at the AGM on 29 June.

One-sen counter. Are there any other counters at BSKL that are 0.01 - 0.015 (companies, not warrants)? Hubline says it is exiting the container business but what will it do after that, especially with the proposed rights proceeds? Looks like this entity exists only to provide a good paycheck for its management and directors.

But then, at 1 sen, what has the speculator to lose? Unless if its delisted, of course.

SHERYN1 u sound like you have a mental problem.
Time to take your medication.

On second thought, I'm going to stick with my "only go for those on an uptrend" strategy. Punting on SWs in the hope of rebounds had resulted in quite a number of losses before. These warrants - waited month by month for the counter to improve, and then time ran out.

@arv18 - C21 Ex. Price: 2.30; Ratio 3:1; Expiry 19/2/2016

Mother at 1.51 now, C21 at 0.02 - AA needs to rebound 0.85 for C21 to break even.
8 months for that to happen.

Not impossible (as with anything). And 100,000 units is `only' RM2k. The odds look unfavourable, especially with the present sentiments. I don't know - will keep this in view.

Bad news = AA continued its free fall in today's session.
Good news = It has closed off today's lowest point.
Too early to say whether AA has finally found its bottom after the plunge started by GMT, and compounded by EPF starting a panic. But retracing some steps is indeed something encouraging.

Going to study its structured warrants to see whether there's anything attractive: reasonable strike price and some months left before the expiry date. SWs are certainly risky but they offer speculators the option (pardon the pun) to participate without tying up too much capital. Read it wrong and the loss will be very high, percentage-wise. But not ringgit-wise, provided there's prudent financial management. In short, only staking money that one can afford to lose without suffering too much.

It's really odd for a media company that specialises in broadcasting adverts to go into plantations, of all things. Why not manufacture underwear instead Haha! But I'm not going to think too much about the business aspects. Regardless of the dissatisfaction, 0.03 looks like a good buy. If I'm not wrong, its previous rights issue was at 0.20 or so(?). Only after buying did I undertake some basic research (a deadly sin for an "investor". But I'm just a speculator lah). And the numbers aren't bad actually.

As @brighterday mentioned above, its NTA is 0.11 and there's RM16 million in cash and equivalent (receivables etc.). This is a company that had moved from ACE to the main market. Despite the recent losses, it's definitely not a PN17 counter. Downside risk is possible but minimal. Heck, just how lower still can a 0.03 counter go??

I'm going to wait this one out. The AGM is on 29 June. This is the cold, harsh truth - we, minority shareholders, can protest, shout and scream all we want. But percentage of shareholdings will decide, and all of those resolutions will be approved. No point in fighting any battle which we surely lose. It's better to side with the winners and, hopefully, to try and profit from this.

Reduction of par value and share consolidation aren't an issue. 5 units become 1, but the price will be adjusted accordingly. 1,000 units at 0.03 becomes 200 at 0.15. Same monetary value. The rights issue of 3:1 (after consolidation) (with free warrants as sweetener) - I'm going to fork out the money and go for the ride. Sentiments change, as we have seen countless times. It's a calculated risk that I feel is worth taking.

@mmllkkyy Although you are having a paper loss right now, at least you can comfort yourself that it's significantly cheaper than what others may have paid. Your FD wait will certainly not be as long as theirs. Some had bought when it was significantly more than 3.00 and still holding on, waiting for the day to break even. 3.50 was its "normal range" before September 2012 so any price below that was interpreted as "a bargain" and a reason to buy.

Since early 2013, 2.30 was seen to be strong support and this held true with AA always rebounding at this level. Until it didn't from last month. If one is into technical analysis, that's a bright red flag - when a previous solid support falls, that means "Stay Away for Now!" But if we had been following a counter closely, and likes it for some reason or another, we might instead be led into seeing the fall as a buying opportunity. And AA is definitely one of my favourite counters too.

But memories of Mudajaya helped me to refrain. I'm as emotional, biased and prejudiced as the next guy, and Mudajaya is among my most favourite counters ever. Anything just above 2.50 had always been a good entry point... until August last year. That was the red flag of a downturn, but emotions got to me. I decided to wait for the rebound which never came. Instead, it went on a slide to its present 1.25. This price was unthinkable - "Impossible!". No it isn't. The market doesn't care what I and the various analysts think.

So that's the main lesson for me - if I'm to avoid having my capital stuck, avoid making big losses, don't try to catch bottoms and hoping for a rebound. I've had some success with this, and it's certainly very satisfying to see "my horse" rebounding. Elated and thrilled, actually. But I've made more losses than profits with this strategy. So now I'll go with trends - no guarantee but the chances are higher.

@ctthum85 I don't blame you. It's actually much harder to just watch than to jump in and buy. With this kind of counter, we'd tend to compare with the recent past and immediately see "a bargain" when they go below the level we're used to. And then, to our despair, they slide further. "Doesn't make sense!" but we can't argue with what the market says about the current price. That's how it is.

Hopefully things will turn for the better when it comes to your AA lots. Can't discount the possibility of this being a chain reaction whereby it will stop - and possibly rebound - immediately after the weak holders have sold. AA has this volatility: it can suddenly turn on a dime, draw in the traders and retrace its steps. AA has never been stagnant.

It has happened before, again and again. These big shareholders know what's in the works and they have a big advantage. Besides information, they also tend to have the holding power, access to financing etc. Picking up at discounted prices, and then selling for big profits when the crowd jumps in. That's how it has always been with the stockmarket.

Hello @jester. Same here, I have just been watching from afar but not being involved. Like you, I'm surprised with AA's very poor performance. At least with the stock market price (which is sometimes not really connected with the business performance itself). Never thought it could ever go below 2.00. Again, another assumption shot to pieces (I was also wrong about Mudajaya - the "will never go below x.00").

But at least it reaffirms what I'm holding to nowadays (or trying to) - the technical charts. If the figures say something is on a downtrend, slipping through support levels, don't be hasty by jumping in and hoping for an immediate rebound. I've gotten burnt too many times when I used `logic' (more of bias and prejudice). I don't know how good or bad AA's business really is but that's secondary. "Don't fight the trend" is primary.

Can't assume anything when it comes to the stockmarket. Some months ago, many of us thought it's unlikely that THHeavy would ever go below the 0.40 rights price. "People who had subscribed at this level and higher won't sell at a loss", and "There will be strong support at 0.40", right? Not really so. There was support for a while but it didn't hold. The substantial shareholders like Tabung Haji would not sell but we don't know what others would do. And so we have this situation we're in right now.

To @supernova - good luck with those holdings. Might not look like it now (else everyone would buy these counters) but sentiments will change. As they always have. The day will likely come again when people fall over themselves buying THHeavy at 0.60, Perisai at 1.20 and Bumi Armada at 3.00. Doesn't look like it right now, that's for sure. But we have seen this movie before:-)

Another hard lesson from the past, about "averaging down". In theory this makes a lot of sense. But falls apart when the price of the recently-bought lots go down too. Now we'll have MORE losses.

It should be "Average Up" - only buying more when there's reasonable confirmation a counter had indeed found its bottom, and is starting an uptrend (have to try interpret the technical charts. With ChartNexis, for instance. Or ask someone who can reasonably interpret the technical data). If this isn't clear, we'd merely be gambling. If we're lucky, we'll catch the bottom with the new lots, the counter rebounds, we break even earlier and all is well. If not, it will be more capital getting stuck.

AirAsia at this price is very tempting. The selling is probably overdone, more of a chain reaction. But have to learn from experience and stick to my plan. Essentially, it's "Never try to predict a bottom; Don't buy something that's obviously on a downtrend". It might rebound very soon but we've seen how Cheap often becomes Cheaper. I'm going to sit at the sidelines for now and just watch.